2024 Medicare Costs + Coverage Updates
The Centers for Medicare & Medicaid Services (CMS) have released the Medicare costs and coverage information for 2024.
PART A - COSTS
PART A (Hospital) Premium
Most people don't pay a monthly premium for Part A. If you do buy Part A, you'll pay up to $505 each month if you paid medicare taxes for less than 30 quarters. If you paid Medicare taxes for 30-39 quarters, the standard Part A premium is $278.
PART A Deductible + Coinsurance
- $1,632 deductible for each benefit period
- Days 1-60: $0 coinsurance for each benefit period
- Days 61-90: $408 coinsurance per day for each benefit period
- Days 91 and beyond: $816 coinsurance per each "lifetime reserve day" after day 90 for each benefit period (up to 60 days over your lifetime)
- Beyond lifetime reserve days: all costs
PART B - COSTS
PART B (Medical) Premium
Those enrolled in Part B will pay at least the standard $174.70/mo premium (based on income). Higher income earners will pay a Part B IRMAA (Income Related Monthly Adjustment Amount) in addition to the $174.70/mo standard premium.
PART B Deductible + Coinsurance
- $240 deductible per year
- After your deductible is met, you typically pay 20% of the Medicare-approved amount for most doctor services, outpatient therapy, and durable medical equipment (DME)
Part B Income-Related Adjustments If your MAGI (Modified Adjusted Gross Income*) in 2022 was… |
|---|
File Individual Tax Return | File Joint Tax Return | File Married + Separate Tax Return | What You Pay to Medicare (per person) Each Month in 2024 (Part B premium + IRMAA) |
$103,000 or less
| $206,000 or less
| $103,000 or less
| $174.70
|
$103,001 to $129,000
| $206,001 to $258,000
| Not applicable
| $244.60 (174.70 + 69.90) |
$129,001 to $161,000
| $258,001 to $322,000 | Not applicable
| $349.40 (174.70 + 174.70) |
$161,001 to $193,000
| $322,001 to $386,000
| Not applicable
| $454.20 (174.70 + 279.50) |
$193,001 to $499,999
| $386,001 to $749,999 | $103,001 to $396,999 | $559.00 (174.70+ 384.30) |
$500,000 +
| $750,000 + | $397,000 + | $594.00 (174.70 + 419.30) |
PART D - COSTS
Higher income earners who are enrolled in Part D Prescription Drug coverage also pay a Part D IRMAA in addition to the monthly insurance premium for a Part D prescription drug plan or Medicare Advantage plan that includes Part D coverage (see table below).
Part D Income Related Adjustments If your MAGI (Modified Adjusted Gross Income*) in 2022 was… |
|---|
File Individual Tax Return | File Joint Tax Return | File Married + Separate Tax Return | What You Pay To Medicare (per person) Each Month in 2024 |
$103,000 or less
| $206,000 or less | $103,000 or less | your plan premium |
| $103,001 to $129,000 | $206,001 to $258,000 | Not applicable | $12.90 + your plan premium |
| $129,001 to $161,000 | $258,001 to $322,000 | Not applicable | $33.30 + your plan premium |
| $161,001 to $193,000 | $322,001 to $386,000 | Not applicable | $53.80 + your plan premium |
| $193,001 to $499,999 | $386,001 to $749,999 | $103,001 to $396,999 | $74.20 + your plan premium |
| $500,000 + | $750,000 + | $397,000 + | $81.00 + your plan premium |
